Arthur Eckart
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SPX Major Support Level
The SPX six-month daily chart below suggests roughly 1,480 will hold for the remainder of 2007, which is roughly the low of the May to July topping process, the converging 50 & 200 day MAs, and the low when the FOMC eased the money supply in September. Moreover, NYSI (NYSE Summation Index above price chart) is in an uptrend, and CPC (CBOE Put/Call below price chart) remains near historically high levels (e.g. the 200-day MA... (posted by Arthur 4 years 135 days ago.)
The SPX six-month daily chart below suggests roughly 1,480 will hold for the remainder of 2007, which is roughly the low of the May to July topping process, the converging 50 & 200 day MAs, and the low when the FOMC eased the money supply in September. Moreover, NYSI (NYSE Summation Index above price chart) is in an uptrend, and CPC (CBOE Put/Call below price chart) remains near historically high levels (e.g. the 200-day MA... (posted by Arthur 4 years 135 days ago.)
Inverse Head & Shoulders or Test of Low?
SPX may be developing an inverse head & shoulders pattern, which would create a V-bottom. The implication is SPX will hold roughly 1,440 and test the high at roughly 1,550 before the end of September. However, if SPX falls significantly below 1,440, e.g. next week and before the FOMC announcement September 18th, a test of the low at 1,370 may take place, which would create a W-bottom. Intermediate-term technical... (posted by Arthur 4 years 156 days ago.)
SPX may be developing an inverse head & shoulders pattern, which would create a V-bottom. The implication is SPX will hold roughly 1,440 and test the high at roughly 1,550 before the end of September. However, if SPX falls significantly below 1,440, e.g. next week and before the FOMC announcement September 18th, a test of the low at 1,370 may take place, which would create a W-bottom. Intermediate-term technical... (posted by Arthur 4 years 156 days ago.)
OIH (Oil ETF) & MFI (Money Flow Index)
Last week, oil rose $0.60 to $69.14, while OIH (Oil ETF) rose $2.55 to $180.20 after a volatile week. Currently, OIH is severely overbought with the weekly RSI and ULT (above price chart) both above 70, and the weekly MFI (below price chart) above 90. MFI is the Money Flow Index. The following is a StockCharts.com statement on MFI: "The MFI can be interpreted much like the RSI in that it can signal divergences and... (posted by Arthur 4 years 232 days ago.)
Last week, oil rose $0.60 to $69.14, while OIH (Oil ETF) rose $2.55 to $180.20 after a volatile week. Currently, OIH is severely overbought with the weekly RSI and ULT (above price chart) both above 70, and the weekly MFI (below price chart) above 90. MFI is the Money Flow Index. The following is a StockCharts.com statement on MFI: "The MFI can be interpreted much like the RSI in that it can signal divergences and... (posted by Arthur 4 years 232 days ago.)
Recent NYMO Extreme Levels
The first chart is a daily NYMO (red dotted line and right scale) and daily SPX (black line and left scale) three-year comparison chart. The second chart is a weekly SPX three-year chart, with 10 & 40 week MAs and volume, which can be compared to SPX in the first chart. SPX rose over 49 points last week, which was its best week in years. The first chart shows the daily NYMO fell to roughly negative 100 three times recently, in... (posted by Arthur 4 years 323 days ago.)
The first chart is a daily NYMO (red dotted line and right scale) and daily SPX (black line and left scale) three-year comparison chart. The second chart is a weekly SPX three-year chart, with 10 & 40 week MAs and volume, which can be compared to SPX in the first chart. SPX rose over 49 points last week, which was its best week in years. The first chart shows the daily NYMO fell to roughly negative 100 three times recently, in... (posted by Arthur 4 years 323 days ago.)
Two-Week Forecast Using VIX
The first chart is a two-year daily chart of SPX to VIX ratio (dots and right scale) with its 50-day MA (blue line) and SPX (red line and left scale). The SPX to VIX ratio rose sharply from roughly 50 in June to 140 in November. Last week, SPX to VIX fell below its 50-day MA, which may indicate at least a consolidation short-term. Above the price chart is the VIX 21-day MA, which fell to a low level and began to rise last week... (posted by Arthur 5 years 70 days ago.)
The first chart is a two-year daily chart of SPX to VIX ratio (dots and right scale) with its 50-day MA (blue line) and SPX (red line and left scale). The SPX to VIX ratio rose sharply from roughly 50 in June to 140 in November. Last week, SPX to VIX fell below its 50-day MA, which may indicate at least a consolidation short-term. Above the price chart is the VIX 21-day MA, which fell to a low level and began to rise last week... (posted by Arthur 5 years 70 days ago.)
Two Previous S&P 500 Corrections
Within two weeks, SPX reached a high at 1,326.70 and a low at 1,256.28. Consequently, a correction may be underway that's not yet complete. The first three daily charts below show the SPX 1994 correction, the current 2006 SPX, and the initial SPX 2000 correction. Generally, the three charts show, not long after reaching highs, falls to around the 200-day MA took place. The two previous charts show bounces from the 200-day... (posted by Arthur 5 years 266 days ago.)
Within two weeks, SPX reached a high at 1,326.70 and a low at 1,256.28. Consequently, a correction may be underway that's not yet complete. The first three daily charts below show the SPX 1994 correction, the current 2006 SPX, and the initial SPX 2000 correction. Generally, the three charts show, not long after reaching highs, falls to around the 200-day MA took place. The two previous charts show bounces from the 200-day... (posted by Arthur 5 years 266 days ago.)
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